Prequalification for a Mortgage Loan

Pre-Qualify for a Mortgage Loan
Broker/lender will establish loan to natural persons. Broker/lender Bank will not make loan to borrowers if they are another type of entity—such as a corporation, general partnership, limited partnership, or real estate syndication. Title to the property must be in the name of the individual borrower receiving financing.

Borrower's Age – The borrower must have reached the age at which the mortgage note can be legally enforced in the jurisdiction in which the property is located. There is no maximum age limit for a borrower. All applicants are evaluated on their ability to meet our Portfolio Underwriting Guidelines.

Resident and Immigration Status - We will make loan to aliens who are lawful permanent residents of the United States under the same terms that are available to U.S. citizens. Permanent resident aliens must hold acceptable evidence of permanent residency issued by the Immigration and Naturalization Service (INS). The following INS documents are acceptable evidence of permanent residency – an Alien Registration Receipt Card I-151 (referred to as a "green card"); and an Alien Registration Receipt Card (Resident Alien Card) I-551 that does not have an expiration date on the back (also referred to as a "green card")

Non-Permanent Resident Alien – Broker/lender will permit loan to non-permanent resident aliens on primary residences only with a maximum LTV of 70% on fully documented loans only. A social security card, work visa and U.S. credit history are required. (Fully documented loan only).

Co-Borrowers – Broker/lender will permit loan with non-occupying co-borrowers provided the primary borrower's debt ratio is no more than 7% above the maximum allowable debt ratio for the applicable grade. A full credit package must be developed on the co-borrower, who must be an immediate family member. The co-borrower's credit profile must be as good as or better than the primary borrower. However, the co-borrower cannot be used to improve the grade of the loan. All of the co-borrower's total monthly obligations must be included in the overall debt ratio, which must fall within the maximum allowable debt ratio guideline for the applicable grade. The co-borrower must sign the note individually.

Non-Purchasing Spouse – When a married borrower purchases a property without involving his or her spouse, the non-purchasing spouse must sign the security instrument or any other documentation required to evidence that the spouse is relinquishing all rights to the property if that is necessary to perfect the lien under governing state law. In some jurisdictions, a different procedures as long as we are guaranteed a first lien position that is superior to that of the non-purchasing spouse.

Occupancy Status

• Principal Residence – A one-to-four property that is the borrower's primary residence. At least one borrower must occupy the property.
• Second Home – A single family property that the borrower occupies in addition to his or her principal residence.
• Investment Property – A one-to-four family property that the borrower does not occupy.